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Financial Services Law Insights and Observations

Montana regulator issues guidance to state banks and credit unions on operating during outbreak

State Issues Covid-19 Montana Bank Compliance Credit Union

State Issues

On March 19, the Montana Division of Banking and Financial Institutions issued a supervisory memorandum discussing operations of state-chartered banks and credit unions during the Covid-19 outbreak. The guidance instructs regulated institutions to communicate with the Division using email and electronic file transfer services instead of mail. The guidance also clarifies that the Division considers accepting deposits, providing access to cash and existing customer accounts, and drawing on existing loans to be “essential” services that should be continued during the outbreak, and contains frequently-asked questions about operations and regulatory notifications.

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